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1、第六讲 融资决策,Corporate Finance(Part 4,5,7),存款-投资现金流,再投资,金融市场和金融中介功能,金融市场为股票和债券发行提供融资渠道投资者间可以互相交易公司进行风险控制金融中介机构从储户吸收存款，再发放融资资金银行，保险公司，投资基金,2011年3季度美国金融中介机构金融资产总值,基金类金融机构,投资基金互惠基金目标是跑赢大市通过销售基金份额融资现金市场基金短期安全证券封闭式基金固定基金份额,中介类金融机构,商业银行提供贷款，较为安全的存款途径投资银行协助公司融资业务提供并购兼并等专业服务保险公司销售保险吸收资金，投资公司股票和债券,金融中介功能,提供便利的支付
2、机制快捷，安全性高：网上银行，网上基金投资借贷中介的功能吸收存款，发放贷款促进经济发展,The role of financial markets and intermediaries,Pooling RiskAllows individuals to share risk,i.e.,insurance companiesInformationAllows estimation of expected rates of return,Financing Decisions(融资决策),Internal Financing(Plowing back profits)External Financ
3、ingEquity FinancingEquity Issuance(Private and Public Sales of Equity)Payout PolicyDebt FinancingCapital StructureMM theorem,Figure 14.1 sources of funds,u.s.nonfinancial corporations,What is an efficient market?,Three Forms of Market EfficiencyWeakPrices reflect all historical information;so past p
4、rices can not predict future pricesSemistrongPrices reflect all publicly available information immediately and in an unbiased fashionStrongPrices reflect all private and public information,Six lessons of market efficiency,Markets Have No MemoryTrust Market PricesRead the EntrailsThere are No Financi
5、al IllusionsRemember the Do-It-Yourself AlternativeSeen One Stock,Seen Them All,Common stock,Common Stock(普通股股票)Residual claim on assets and cash flow(剩余财产分配权)Mostly held by financial institutionsStockholders have ultimate right of control,Figure 14.3 corporate equity holdings,third quarter,2011,Com
6、mon stock,Voting ProceduresBoard of directors comes up for re-election every yearClassified board of directorsOne-third of directors come up for re-election every yearEntrenches management,Common stock,Dual-Class Shares(类别股)and Private BenefitsSome companies have two classes of stockSame cash-flow r
7、ights,different control rightsGreater control rights grant private benefits,Common stock,Equity in DisguisePartnerships(合伙制)Avoid corporate income taxLimited life spanTrusts(信托)Passive ownership of assetReal Estate Investment Trust(REIT房地产信托投资基金)Not taxedLimited to real estate,Common stock,Preferred
8、 Stock（优先股）Takes priority over common stock when receiving dividendsGains some voting rights if corporation fails to pay preferred dividend,Debt,How Do We Define Debt?,Debt,Debt Comes in Many FormsShort-term versus long-term（短期和长期）Fixed versus floating rate（固定和浮动利率）Dollars versus foreign currency（美金
9、和外币）Senior versus junior debt(优先债和次级债)Straight versus convertible bonds（普通债券和可转换债券）,Figure 14.4 U.S.bond holdings,third quarter,2011,Debt,Debt by Any Other NameSome debts treated differently in accountsAccounts Payable(应付账户)Good received,not yet paid forVery short-term debtUnfunded obligations(没有资金支
10、持的责任)Senior debt,e.g.,employee pensionsSpecial-Purpose Entities(SPEs 特殊目的主体)Raise cash through equity and debtDo not show up on balance sheet,How Corporates Issue Securities,Venture Capital（风险投资）Money invested to finance new firmSuccess of new firm dependent on managersRestrictions placed on managem
11、ent by venture capital company Funds usually dispersed in stages after certain level of success,VENTURE CAPITAL,VENTURE CAPITAL,FIGURE 15.1 U.S VENTURE CAPITAL INVESTMENTS,中国风投公司排名,风投国际排名（福布斯排名-成功退出）,风投国际排名（福布斯排名-知名合伙人）,THE INITIAL PUBLIC OFFERING,Initial Public Offering(IPO，首次公开募股)First offering of
12、 stock to publicUnderwriter(承销商)Firm that buys and resells an issue of securities Spread(差价)Difference between public-offer price and price paid by underwriter,THE INITIAL PUBLIC OFFERING,Prospectus（招股说明书）Provides information on issue of securitiesUnderpricing（低价发行）Issuing securities at price set be
13、low true value of security,FIGURE 15.2 MOTIVES FOR IPO,TABLE 15.1 TOP MANAGING UNDERWRITERS,2011(承销商),FIGURE 15.3 AVERAGE INITIAL IPO RETURNS,Return,percent,15-2 THE INITIAL PUBLIC OFFERING,Average Expenses on 1767 IPOs from 1990-1994,FIGURE 15.4 IPO PROCEEDS AND FIRST-DAY RETURNS,ALTERNATIVE ISSUE
14、PROCEDURES FOR IPOs,General Cash Offer Sale of securities to all investors by already public companyShelf Registration Allows firms to file one registration statement for several issues of same security Private Placement Sale of securities to limited investors with no public offering,TABLE 15.3 UNDE
15、RWRITING SPREADS,FIGURE 15.5 COSTS OF RAISING CAPITAL,SECURITY SALES BY PUBLIC COMPANIES,Rights IssuesIssues of securities offered only to current stockholdersExampleIvanhoe Mines needs C$1.2 billion of new equity.Market price C$24.73.Ivanhoe Mines decides to raise additional funds by offering the r
16、ight to buy 3 new shares for 20 at C$13.93 per share.With 100%subscription,what is value of each right?,SECURITY SALES BY PUBLIC COMPANIES,Current Market Value 1 x C$24.73=C$24.73Total Shares 20+3=23Amount of new funds 3 x C$13.93=C$41.79Ex-Rights Price(C$41.79+C$494.60)/23=C$23.32Value of a Right C
17、$23.32 C$13.93=C$9.39,SECURITY SALES BY PUBLIC COMPANIES,Rights IssueLafarge Corp needs to raise 1.28 billionThe market price is 60/shLafarge decides to raise additional funds via a 4 for 17 rights offer at 41 per shareIf we assume 100%subscription,what is the value of each right?,SECURITY SALES BY PUBLIC COMPANIES,Rights IssueCurrent market 17 x 60=1,020Total shares17+4=21Amount of funds1,020+(4 x 41)=1,184New share price(1,184)/21=56.38Value of a right56.38 41=15.38,
